Triad

The city of High Point gave La-Z-Boy $600,000 in incentives to move a divisional headquarters there from Greensboro in 2007, and, according to city records, had received only $173,076 in tax and utility revenues through June 2013. The furniture manufacturer is closing the headquarters, where it employs 38 people, over the next two years as part of a restructuring.

Elon University will begin construction in December on a 14,850-square-foot recreation building that will house a gymnasium and fitness center. The school also plans to renovate and expand an arts building and a residential complex. All three projects are expected to be completed by fall 2015.

Inmar purchased Madison, Wis.-based digital-coupon company Hopster for an undisclosed amount. Hopster offers print-at-home coupons for brands including Kleenex, Huggies and Libby's. Winston-Salem-based Inmar employs about 4,000 people nationwide, including about 900 at its local headquarters.

Southport, Conn.-based Sturm, Ruger & Co. reported a 76.3% decrease in net income in the third quarter due to a sharp drop in firearms sales. The gun-maker plans to create 473 jobs at its Mayodan plant, though decreasing demand for its products could force it to scale back expansion plans.

Greensboro's Cone Health is the top-ranked large hospital in the Triad when it comes to patient safety, according to the Leapfrog Group's latest semiannual report. The Moses Cone Hospital received an A grade, while Novant Health Forsyth Medical Center and Wake Forest Baptist Medical Center received B grades. Leapfrog reviews 28 measures of patient safety when compiling its report.

La-Z-Boy will close its High Point office as a result of a corporate restructuring of its casegoods business. Some of the furniture manufacturer's 38 employees in High Point will be offered positions at the company's Hudson plant.

Drone maker Olaeris has asked Winston-Salem to provide more than $5 million over five years to bring its company and about 150 jobs to Smith Reynolds Airport. Olaeris, which plans to market its unmanned aircraft to law enforcement groups and first responders, has asked the state to invest $6 million. Chief executive Ted Lindsley says he is in talks with local governments in two other states.Related: Will North Carolina be the first in unmanned flight? ("Pie in the sky," September)

Reynolds American may have to include its Doral cigarette brand as part of its divestiture to Imperial Tobacco Group in order to receive Federal Trade Commission approval for its proposed acquisition of Greensboro-based Lorillard. Winston-Salem-based Reynolds has already agreed to sell Kool, Salem and Winston brands as well as Lorillard's blu eCigs electronic-cigarette brand.

A new report shows that offshoring is losing its appeal with American manufacturers as labor costs rise in Asia. Other reasons manufacturers are bringing jobs back the U.S. include access to skilled labor, lower transportation costs and ease of the business environment. The report notes that Mexico – which has lower manufacturing costs than China – is continuing to emerge as an industry leader.

The CFO of Los Angeles-based Herbalife says he believes the company will be exonerated of accusations by hedge-fund manager Bill Ackman that it operates as a pyramid scheme. The company, which sells nutritional and weight-loss products, has hired about 300 employees at its new Winston-Salem manufacturing plant, where it eventually plans to employ 493 people.

Thomas Built Buses confirmed Thursday it will add 236 jobs and invest $11.8 million in an expansion of its High Point plant, where it currently employs about 1,400 full- and part-time workers. The company will receive $372,098 in local incentives – it didn't request state incentives for the expansion.

Greensboro's TIMCO Aviation is now called Haeco. Hong Kong Aircraft Engineering Co. paid $338.8 million for TIMCO in 2013 and now operates its worldwide companies under the Haeco Group name. The company maintains and repairs jet airplanes and employs about 1,800 in the Triad.

Beginning next year, Reynolds American will no longer allow employees to smoke cigarettes, cigars or pipes in offices and other common areas. The Winston-Salem-based cigarette maker will add indoor smoking areas for those who want to light up. The company will allow the use of electronic cigarettes and other smokeless tobacco products.

Wake Forest School of Business is discontinuing its traditional MBA program to focus exclusively on its program for working professionals, which has experienced double-digit growth in the last five years. The program offers evening and weekend classes at campuses in Charlotte and Winston-Salem.

The new company formed after Imperial Tobacco Group acquires several cigarette brands from Lorillard and Reynolds American as part of the companies' merger deal will be headquartered in Greensboro, the British company confirmed Tuesday.

Honda Aircraft has begun a $19 million expansion at Piedmont Triad International Airport that will increase its space by more than 74,000 square feet. The company expects to receive FAA certification of its HondaJet light corporate aircraft in early 2015 ("Ready to take off," February). The expansion brings the company's total investment at Piedmont Triad to about $160 million.

Lorillard CEO Murray Kessler could receive a compensation package valued at $44.7 million following his company's planned $25 million merger with Winston-Salem-based Reynolds American. Kessler also will get a seat on the combined company's board of directors when the deal closes, expected to be in the first half of 2015.